Heart disease is the leading cause of death in the United States. Although dubbed the “silent killer”, even after patients have had some sort of intervention or episode, 43% of patients end up being re-admitted to the hospital. Most cardiac recovery programs cover just 12-weeks post-event. Recora Health is a digital cardiac recovery program that works with insurers and health care providers to deliver comprehensive long-term lasting solutions to the epidemic of heart disease for patients so that they can successfully manage their heart disease and implement the necessary lifestyle changes to ensure a healthy, long life. The signature program includes all the equipment necessary to manage heart disease including exercise bands, tablets, and blood pressure monitors, a dedicated care team, educational resources, and access to tailored virtual care. Only 11% of Recora patients are readmitted to the hospital, 87% complete the program vs 26% for standard programs, 90% are able to successfully decrease their blood pressure, and 94% are taking their medications as necessary. The company through its regional insurance and health care partners (medical groups and hospital systems) currently serves 30,000+ cardiac care patients, making true value-based cardiac rehabilitation care accessible and affordable with plans to expand nationally.
AlleyWatch caught up with Recora Health Cofounder and CEO Abhishek Chandra to learn more about the inspiration for the business, the company’s strategic plans, latest round of funding, and much, much more…
Who were your investors and how much did you raise?
We raised a Series A of $20M led by SignalFire with participation from Valor Equity Partners and existing investor Pear VC. Recora has raised a total of $25M.
Tell us about the product or service that Recora Health offers.
Currently serving Geisinger and several regional insurance plans covering over 30,000 cardiac patients, Recora’s Cardiac Recovery Program moves beyond 12 weeks of rehabilitation to deliver comprehensive care management that focuses on a patient’s overall health and wellness. Through virtual tools and on-demand access to care teams and other resources, the program empowers patients to manage their heart health from home while enabling providers and plans to provide comprehensive cardiac care and strengthen patient relationships. We have national partnerships that are being implemented as we speak, and we look forward to announcing those later in the year.
Recora’s Cardiac Recovery Program includes:
- Recora Recovery Kit: The kit includes an Internet-enabled smart tablet and other tools such as resistance bands and blood pressure monitor that can be used by patients of all ages.
- Recora Program: A personalized program that goes beyond virtual sessions to include educational tools, support groups, and 24/7 chat with the Recora Care Team.
- Recora Care Team: A dedicated team of multidisciplinary providers including physicians, nurses, exercise physiologists, health coaches, dietitians, and other specialists.
What inspired the start of Recora Health?
Recora was born out of our founding team’s common dream to empower everyone to live a long, full, and optimal life. We chose to start that mission by changing heart health because of our own personal and professional experiences.
While working with their cardiac patients, we had an insight – what if you could recover from home, using connected devices and video visits? This insight sparked Recora’s Cardiac Recovery Program.
How is Recora Health different?
Through virtual tools and on-demand access to care teams and other resources, the program empowers patients to manage their heart health from home while enabling providers and plans to provide comprehensive cardiac care and strengthen patient relationships.
What market does Recora Health target and how big is it?
Recora targets health systems, medical groups, and health plans.
What’s your business model?
Recora is a stand-alone solution. We don’t require special hardware or clinical support to get started. We’re designed to plug and play into your cardiology or virtual care program.
What are your post-COVID office plans?
Recora was founded remotely at the height of the pandemic, and we remain a nationally distributed team of over 75 people.
What was the funding process like?
The round was heavily oversubscribed with interest from multiple investors. We ultimately felt like SignalFire is the best partner for us at this stage of our company.
What are the biggest challenges that you faced while raising capital?
Balancing multiple client launches while raising our Series A was challenging. As a result, to limit the impact on operations, we imposed a very tight timeline for the funding process. There were some very long days to hear out all the interest from potential investors.
What factors about your business led your investors to write the check?
Heart disease is one of the leading causes of death in the U.S., yet the majority of heart attack survivors do not participate in a single cardiac rehab session due to high costs and lack of access. Unlike most cardiac rehab programs, Recora is meeting members where they are.
What are the milestones you plan to achieve in the next six months?
National expansion. At Recora, we believe that the future of heart health centers on cardiac recovery. We need to go beyond cardiac rehab to build a deep, continuous relationship with heart disease patients. With our initial partnerships showing the strength of engaging patients virtually at home, we look forward to further supporting health systems and health plans.
National expansion. At Recora, we believe that the future of heart health centers on cardiac recovery. We need to go beyond cardiac rehab to build a deep, continuous relationship with heart disease patients. With our initial partnerships showing the strength of engaging patients virtually at home, we look forward to further supporting health systems and health plans.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Getting the first client to work with you is always hard, especially if you are limited on funds. This requires getting creative on partnership terms, but once established, this becomes the needed spark for a solid funding round.
Where do you see the company going now over the near term?
Our focus is on national expansion and developing more strategic partnerships to create better value for health systems and payors. The market for cardiac care is huge, and there is a lot of white space in redefining heart health.
What’s your favorite outdoor dining restaurant in NYC?
Fish Cheeks on Bond Street has outdoor dining along a really beautiful cobblestone street. Occasionally, they close Bond Street to traffic and you literally get to dine on the streets of Manhattan!
